•Declares increasing transaction volumes by fintechs pose major risks to financial system
James Emejo in Abuja
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, yesterday, said Non-Bank Financial Institutions (NBFIs) of the West African Monetary Zone (WAMZ) presented a unique opportunity to quicken regional integration and shared economic prosperity.
While he acknowledged the importance of monitoring trends, risks and innovations of NBFIs/Other Financial Institutions (OFIs), Cardoso said their increasing transaction volumes posed major financial system stability risk.
Speaking at the opening of the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions (CSNBFI) of WAMZ in Abuja, Cardoso said NBFIs, which included Fintech companies, were crucial in ensuring both financial stability and the specialised financial intermediation the institutions were licensed to perform.
He stated that though the NBFIs might…
Source: Thisday Newspaper
